Cement News tagged under: corporate
Saudi Cement to issue 1 free share for each 226 February 2010, Published under Cement NewsSaudi Cement Company said that it plans to issue one free share for each two held by investors and a cash dividend of $0.93 for last year, Reuters reported. Saudi Arabia’s second-largest cement producer said that its shares will increase from 102 million shares to 153 million shares by providing shareholders one free share for each two shares they currently own. This would raise the company’s capital to $400 million from $266 million, and the decision is subject to shareholders’ approval... |
YTL reports significant rise in net profit, Malaysia26 February 2010, Published under Cement NewsYTL Corp Bhd recorded a 328.8% jump in net profit to RM216.2m for the second quarter ended Dec 31, 2009 from RM50.4m a year earlier due to better performance of its utilities and cement businesses. Its pre-tax profit rose 80.8% to RM514.7mil for the second quarter versus RM284.7m in the previous corresponding quarter. ECM Libra analyst Bernard Ching said the results were above expectations due to lower-than-expected interest expense on borrowings taken mainly for its utilities division. ... |
Italcementi out of BofA Merrill’s "least preferred list"25 February 2010, Published under Cement NewsBank of AmericaMerrill Lynch has removed Italian cement maker Italcementi from its "least preferred list". Italcementi shares closed Wednesday trading in Milan at EUR 8.085, dipping 1.40%. |
FLSmidth sees order rising25 February 2010, Published under Cement NewsFLSmidth has reported a 10 per cent drop in fourth-quarter profit, beating analysts’ expectation. These figures have been attributed to budding market recovery with the company saying orders would pick up in 2010. October-December earnings before interest and tax (EBIT) fell to 764 million crowns (US$138m), the company said on Thursday. The result beat all expectations in a Reuters poll which had an average forecast of a DKK539m profit. Chief Executive Jorgen Huno Rasmussen told Reuters t... |
Oman Cement net profit doubles24 February 2010, Published under Cement NewsOman Cement has posted a near 100 per cent rise in net profit after tax, which soared to OMR24.232m for the year ended December 21, 2009, from OMR12.541m a year earlier. Announcing the audited financial results for the year, Jamal Shamis al Hooti, chief executive officer, said the Board of Directors had proposed a dividend of 37 per cent of the capital, subject to shareholder approval. The profit before tax for the year was OMR27.363m Omani rials as compared to OMR14.108m for the correspond... |
Fauji Cement’s profits shrink, Pakistan23 February 2010, Published under Cement NewsFauji Cement has posted a lower profit after tax of Rs 193.629 million for the half year ending December 31, 2009. According to financial results of the company dispatched to Karachi Stock Exchange on Monday, the profit before tax has fallen to Rs 256.224 million for the period under review as earning per share also dropped to Rs 0.279. |
ASEC Holding acquires additional stake in ASEC Cement22 February 2010, Published under Cement NewsASEC Holding, Citadel Capital’s Platform Company in the regional cement production, engineering and construction industries, announced on Sunday that it has acquired an additional 9.48 per cent of ASEC Cement, one of its key Portfolio Companies, in a deal worth $80 million in cash and shares. The transaction will see ASEC Holding raise its stake in ASEC Cement to 61.04 per cent. The selling party is the Emirates International Investment a long-time limited partner in a number of Citadel Cap... |
Yamama Cement to buy 20% stake in Yemen Saudi Cement22 February 2010, Published under Cement NewsYamama Saudi Cement Co said Sunday it signed an agreement to purchase 20% of the capital of Yemen Saudi Cement Co for US$20m. Yemen Saudi Cement Co. will start trial operations at its plant near Aden in the second quarter of this year, the maker of building materials said in a statement posted on the Saudi bourse Web site. The plant will have an annual capacity of 1.4Mt of cement. Last month, Yamama said its fourth-quarter 2009 net profit soared 70% YoY to SAR145m (US$38.7m) due to higher... |
Ambuja Cements to spend INR47Bn to expand capacity22 February 2010, Published under Cement NewsIndia’s Ambuja Cements Ltd plans to spend about INR47bn through to the end of 2010 to raise cement output and add grinding capacities to two existing plants, The Economic Times reported Monday, citing an unnamed executive involved in the company’s decision. According to the report, the unit of Holcim plans to raise cement output to 24Mta from the current 19Mt. The company plans to fund the expansion through a combination of cash flow and debt, it said. |
Tanga Cement Company to pay $11m dividend, Tanzania22 February 2010, Published under Cement NewsShareholders of Tanga Cement Company (TCC) are to be paid Tsh11.5bn (US$11m) in dividends despite the commodity’s glut in the global market and a relaxation of import duty that has distorted the firm’s business in the local market. The company has approved a proposed dividend of 37.5 per cent of net profit, in which the final approved dividend will be Tsh179 (US cents 17) per share. Charles Naude, the chairperson of the board of the TCC national cement consumption, said this shows a three ... |